Cryptocurrency mega-thread

[faible]

I mean reliable as in long term outlook if you’re willing to be patient.

I’m not talking about lots of money, as I said I’ve only dropped bout $150 right now. Really only looking to drop an amount I can afford to lose, let it ride on a diversified lot and see if the lottery hits ie a coin explodes.

It's all guess work, based on past history it suggests that yes, it'll be very volatile but sometime over the next 3 - 5 years will have made significant gains.

It could also be outlawed in most countries and be worthless.

 

[ash_1050]

I’m talking crypto to crypto transactions, not withdrawing into a fiat bank account. I think anyone with common sense would know that withdrawing into a bank account would need to be reported. It’s pretty clear from the replies to just report everything with crypto transactions as it would catch up with you eventually.

I was asking from a crypto to crypto transactions perspective as well, as the platform you use impacts how likely it is for the data to be handed over to the ATO proactively. But yes, reporting everything prevents you from being reamed by the ATO. It used to be much easier to get away with it, but the 2018 bull market meant that the ATO suddenly gave crypto a lot more focus. There's also still ways of getting cash out via P2P versus via an institution.

 

[LennyHayes77]

What's the go with buying crypto and having it sit on an exchange in terms of tax? I bought around $500~ worth of cryptos in May and never sold or transferred any of it (was in fact sitting at a loss until recently) it's all still on there so would I need to declare that? Even though it's basically just money out of my account at this stage.

 

[LongBombFromOutside50]

What's the go with buying crypto and having it sit on an exchange in terms of tax? I bought around $500~ worth of cryptos in May and never sold or transferred any of it (was in fact sitting at a loss until recently) it's all still on there so would I need to declare that? Even though it's basically just money out of my account at this stage.

Nope, there is no CGT event until you sell it or transfer it from the exchange to another individual/entity

 

[faible]

What's the go with buying crypto and having it sit on an exchange in terms of tax? I bought around $500~ worth of cryptos in May and never sold or transferred any of it (was in fact sitting at a loss until recently) it's all still on there so would I need to declare that? Even though it's basically just money out of my account at this stage.

No tax implications from that, similar to buying shares and not trading them. I don't believe it needs to be declared anywhere until it creates a CGT event but I could be wrong, and am not an accountant, so not financial advice etc etc.

 

[LongBombFromOutside50]

Nope, there is no CGT event until you sell it or transfer it from the exchange to another individual/entity

EDIT: Just bear in mind that if you trade for another crypto in a crypto/crypto pair, then that is a CGT event. For example if you have btc and sell it for eth in the btc/eth market

 

[ash_1050]

Covered well as per above, if it sits there and does nothing then you only need to pay tax when you sell. Protip: Leave it for 366+ days and you pay only half the tax. Also if you do sell doing so early in the financial year (e.g. on July 1st) means you don't have to pay any tax until 21 months later.

 

[maryjames]

Red day finally. Lol

Could this be the beginning of the end of that little run?

 

[BACCS]

Red day finally. Lol

Could this be the beginning of the end of that little run?

BTC and ETH have traded in the same range for about 10 days now and are sitting above their 20 week moving averages still. Seems like a necessary period to build support at higher lows and allow people to accumulate. Whales still accumulating heavily, 13k BTC yesterday alone. I still think the big pump above 50k BTC and 4k ETH is coming within the next 2 weeks, could happen quite fast with a lot of shorts to be squeezed. Nothing has changed from this time last week.

 

[maryjames]

BTC and ETH have traded in the same range for about 10 days now and are sitting above their 20 week moving averages still. Seems like a necessary period to build support at higher lows and allow people to accumulate. Whales still accumulating heavily, 13k BTC yesterday alone. I still think the big pump above 50k BTC and 4k ETH is coming within the next 2 weeks, could happen quite fast with a lot of shorts to be squeezed. Nothing has changed from this time last week.

Show me the whales and what they are doing if you have the info.

 

[BACCS]

Show me the whales and what they are doing if you have the info.

 

[maryjames]

From now on Watch what the whales are doing.

Looks good.

 

[The Dice Man]

Red day finally. Lol

Could this be the beginning of the end of that little run?

Was the 4th red day, except for Luna. We need a few red days for strength and structure ... That's what I'm hoping for anyway. But we may be dropping to 42.5K

 

[LongBombFromOutside50]

Was the 4th red day, except for Luna. We need a few red days for strength and structure ... That's what I'm hoping for anyway. But we may be dropping to 42.5K

4 green candles in a row for Solana. Luna looks to be red today.

Are there any other coins that have passed their previous all time high?

 

[The Dice Man]

4 green candles in a row for Solana. Luna looks to be red today.

Are there any other coins that have passed their previous all time high?

The day is young for Luna. It held up pretty well yesterday while BTC was slowly descending. Not sure if any other have hit ATH.

 

[St 07]

I exited all positions with the hope of buying the correction. So it's certainly going to rise astronomically now. Enjoy all!

 

[BACCS]

I exited all positions with the hope of buying the correction. So it's certainly going to rise astronomically now. Enjoy all!

I exited my Solana position at about a 70% profit. Nothing to sneeze at, but I was anticipating it might correct down into the 50s, instead it’s kept pretty steady in the mid to high 60s so far today. Interested to see if it holds steady as the likes of BTC and ETH continue to consolidate; or whether it dips when those two rip.

 

[The Dice Man]

I exited all positions with the hope of buying the correction. So it's certainly going to rise astronomically now. Enjoy all!

Been thinking to do the same since last night. Still holding on though.

 

[Ghost Patrol]

I exited all positions with the hope of buying the correction. So it's certainly going to rise astronomically now. Enjoy all!

I bought more LUNA during the dip

 

[LongBombFromOutside50]

I exited my Solana position at about a 70% profit. Nothing to sneeze at, but I was anticipating it might correct down into the 50s, instead it’s kept pretty steady in the mid to high 60s so far today. Interested to see if it holds steady as the likes of BTC and ETH continue to consolidate; or whether it dips when those two rip.

Solana bounced off previous ATH as support. Now in price discovery mode.

 

[BACCS]

Solana bounced off previous ATH as support. Now in price discovery mode.

Yeah I saw that, thought it might spend a bit longer down at its previous ATH though, especially with the rest of the market a little bit down today. Proved me wrong and just kept soldiering on! I can’t complain with a 70% profit though, any profit is a good profit. Bought in at about 52 bucks AUD and sold at just under 90.

 

[BACCS]

I did not think SOL would continue to pump today, bloody hell! Ah well

 

[The Dice Man]

I did not think SOL would continue to pump today, bloody hell! Ah well

Luna as well continues it's own flight. I got back in at 17.

 

[Ghost Patrol]

LUNA!

Have loaded up a bag of MIR incase it follows suit.

 

[Pickitt]

Would I buy BTC? No, it's horribly outdated

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